...appreciate comments from Jim Brickley, Philip Joos, Andy Leone, Jerry Warner, Joanna Wu, Yan Cao, Ling Lei, Laura Liu, Tao Kuang, and workshop participants at the University of Rochester. All errors are my own. * Abstract This paper investigates the economic consequences of the Sarbanes-Oxley Act through a study of market reactions to legislative events related to the Act. I find that the cumulative abnormal return around all legislative events leading to the passage of the Act is significantly negative. The loss in total market value around the most significant rulemaking events amounts to $1.4 trillion. I then examine the private benefits and costs of major provisions of the Act by investigating the cross-sectional variation in market reactions to the rulemaking events. Regression results are consistent with the hypothesis that shareholders consider both the restriction of nonaudit services and the provisions to enhance corporate governance costly to business. The results also show that Section 404 of SOX, which mandates an internal control test, imposes significant costs on firms. 1. Introduction In response to the collapse of a number of high-profile firms since late 2001, Congress passed the Sarbanes-Oxley Act (the Act or SOX hereafter) in July 2002 to enhance corporate governance and thereby restore public confidence. The Act has introduced significant changes in both management’s reporting responsibilities and the scope and nature of the responsibilities...
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...passages we read, it showed us four perspectives. A news article, a speech, a commentary and a political cartoon. All four of these perspectives showed an interaction among the speaker, audience, and subject. Which is called the rhetorical triangle. When someone uses the rhetorical triangle or ethos, pathos, and logos, it makes the passages much more interesting and you’ll get a better understanding on what they are trying to inform. In the first passage, Neil Armstrong is describing his experience being the first man on the moon. The New York Times did a really good job informing the...
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... This month marks the 45th anniversary of the epic Apollo 11 flight that landed the first humans on the moon and safely returned them to Earth. Armstrong, Buzz Aldrin and Michael Collins launched from Florida on July 16, 1969. Armstrong and Aldrin ventured out onto the lunar surface on July 20, 1969. The two men spent 21.5 hours on the moon before taking off from the lunar surface to meet up with Collins in the command module and fly back to Earth. Main Story: The Future of Moon Exploration, Lunar Colonies and Humanity NASA astronauts returned to the surface of the moon on multiple missions, however, no human has touched down on the natural satellite's surface since 1972. Space.com's complete coverage of the 45th anniversary of the Apollo 11 moon landing appears below: Video: Exclusive: Buzz Aldrin Remembers Moon's 'Magnificent Desolation' Exclusive: Buzz Aldrin Remembers Moments Before the Moon Apollo 11 Retrospective: 'One We Intend To Win' Apollo 11 45th Anniversary - NASA Administrator Remembers Space Station Salutes Apollo 11 45th Anniversary Infographics and Multimedia: Apollo Quiz: Test Your Moon Landing Memory NASA's Historic Apollo 11 Moon Landing in Pictures How the Apollo 11 Moon Landing Worked: Infographic Buzz Aldrin, Apollo 11 Moonwalker, in Photos Story Coverage: Thursday, July 24 Apollo 11's Vintage Tech: The Most Amazing Moon Landing Innovations From lunar landers and computers to moon boots and more, NASA's Apollo 11 mission...
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...you sleep on top of me in the top up stairs of my mansion completely so that you can enjoy all the gravity of fresh air.“But now am sorry because I have to tell you that I have made a short call on you only. But next time I shall make a long call on you to last the whole moon completely. Thank you very much to allow me to undress you completely before these extinguished ladies under gentlemen sir.Lastly but not list, I ask the band to play our international anthem of the republic of Uganda and also the British international anthem…Your majesty sir, I thank you from the bottom of my heart and from the bottoms of all the people of Uganda .With this few words I thank you Sir. | Esther Nasikye, Idi Amin This post was written by: Esther Nasikye - who has written 76 posts on ChangeWaves. Contact the author 9 Comments For This Post 1. ??? Says: April 1st, 2011 at 9:07 am I would just like to let ufo know how much I learn from your website Bookmarked book , be back fast for some more good articles. 2. Muhammad Fahad Says: April 23rd, 2012 at 1:44 pm Hiya!! Mate, I really think ye is...
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...Description of “A Time for Choosing” By Zachary Riggan Ronald Regan’s “A Time for Choosing” campaign speech for Republic President Nominee Barry Goldwater was aired on 27 October 1964. This speech was actually given a few weeks prior at a fundraiser in Coconut Grove in Los Angeles. After the speech Mr. Regan was approached by “a delegation of high-powered Republicans” and asked to record that same speech on national TV. This speech raised 8 million dollars for the Barry Goldwater campaign. This speech was also the launching pad for Ronald Regan’s political spotlight. According to President Regan, he never gave this speech a title. A brief history of President Regan is important to the description of this artifact. President Regan was born on February 6, 1911 in Tampico, Illinois. He attended Eureka College, there he studied economics and sociology. President Regan was a known actor and appeared in a total of 53 films during his career. In 1966 he was elected Governor of California and re-elected in 1970. On January 20, 1981 Regan became President of the United States overwhelmingly defeating President Crater 489 electoral votes to 49. On March 30, 1981 just 69 days into his presidency President Regan was shot and wounded by John Hinckley Jr. During his first presidency, Regan focused on stimulating economic growth and sought to curb inflation. During his second term Regan focused on foreign policy and to achieve “peace through strength.” The 1960’s were...
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...globe. The name is synonymous with high-quality athletic shoes, apparel, and accessories in the minds of many people worldwide. Perhaps it is the ubiquitous Nike “swoosh” and compelling marketing that commands attention. Or maybe it is the association between the brand name and its famous endorsers, such as Tiger Woods and Michael Jordan. Alternatively, it may be Nike’s cutting-edge sporting vision and technology that entrances multitudes of consumers. Quite conceivably, it is a combination of these factors that has propelled Nike to the top of its industry. However, not all of Nike’s story is ideal. In recent years, the company has faced criticism in connection with its use of contract labor in developing nations. The purpose of this case is to provide an understanding of the company’s background, its general business strategy, and its use of contract labor. The Athletic Apparel and Footwear Industry The athletic apparel and footwear industry experienced steady growth for more than two decades, beginning in the early 1980’s. For example, in the U.S.A. alone, consumer spending on athletic footwear increased by 10 percent during the first six months of 2005 (Quinn, 2006). Consumers were not just professional athletes, but ordinary men, women, and children who wore athletic apparel for both sports and leisure. The industry became more fashion-oriented, resulting in higher levels of innovation and cutting-edge technology. As a result of the emphasis on style...
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...a historical event for those who were apart of it. The day of which the first humans landed on the moon, through mission Apollo 11. There are several texts and an image related to the Apollo 11 mission, that demonstrate how it relates to the rhetoric concepts of ethos, pathos and logos. As well as in how it is effectively used to prove throughout these pieces of texts the subject and writing to the rhetoric concepts mentioned. Neil Armstrong, the man to take the first walks on moon’s surface, along with another astronaut. Having millions of people watching such an historic event, the Times of London article informed many of them. Allowing not only the journalist to inform, but as well the astronauts themselves. The article's main focus is to inform what exactly happened that day, which therefore affects the writing of the text in first/third person point of view. This particular article uses logos by stating general facts of the event. It provides dialogue from the astronauts to provide more to their statement that were mentioned. Also it uses specific details from the perspective of the astronauts to defend their points clearer....
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...By a show of hands how many of you were around when 9/11 took place? As assumed this is a college class, all of us were indeed around when this historic event took place. Today we are going to look at the events of 9/11 and the way George Bush handled this situation as president; but before we can look into 9/11 lets take a look at the speaker of this speech. George W. Bush was born July 6th, 1946 in New Haven, CT he was the eldest of 6 children of Barbara and George H.W. Bush. Bush had a moderately normal upbringing and was apart of his family all being in politics. The Bush family soon moved to Odessa, Texas was they were stationed for a while before moving around and lastly settling down in Midland, Texas. As Bush grew up, he lived a fairly normal childhood and along with his other brothers and sisters they were all provided for equally. Bush attended Yale University while also being inducted into most of the elite groups on the campus, Bush moved up greatly when becoming president of his own fraternity. Just like any other male Bush was quite involved in sports and being involved in social events before finally growing up and enlisting into the Texas Air National Guard. Shortly after enlisting into the Guard Bush started his term as Texas Governor in 1998. In the 2000 year election for President George Bush won over his candidates and started his term as President of the United States. During his presidency Bush took in many projects and turning to a budget system to help...
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...exact time the Holocaust began, which was July of 1941. Counterarguments may postulate that aggressive oppression and discrimination...
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...George Bush Speech Analysis Name: Institution: George Bush Speech Analysis In the evening of September 11 the year 2001, George Bush addressed the United States of America upon the incident of the terrorist attack that had occurred about 12 hours earlier. The attack would define the presidency of Bush that would lead to the changes in the foreign policies of America, the Iraq and Afghanistan interventions as well as years of how to combat terrorism controversies. The president wanted to assure Americans that they still had a functioning government, listing the support from other nations in the terrorism fight and promise and vow to bring those who were involved to justice. That was when men who were 19 in number colluded and worked together to highjack four airplanes that were heading for California. The essay below looks into the various aspects of the speech that the president presented mainly to comfort as well as encourage the Americans despite the attack, in the speech. It looks at the impacts of the address, his resent on the incident, his personality, in addition to his efforts to assure American citizens of the government’s industrious steps to protect them as well as the impacts that the speech had after the proposed counterterrorism measures that involved developing a robust national security as discussed in the paper. The President of America, George Bush addressed upon the unfortunate events of 9-11 that had unfolded in 2011 the month of September...
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...Jennifer Ince Educating Exceptional Children Grand Canyon University SPE 226 Instructor: Mike Mannelly Date: 07/10/2011 Differences among people are around us every day in our lives. Taking the time to understand individuals with uniqueness is an essential part of our own growth and development. Educators are more involved with helping students with disabilities now more than ever before. Finding the correct methods and instruction to produce a healthy learning environment, and assisting students with disabilities is a key element in classrooms today. There are many different disabilities and educating ourselves as teachers on aspects of disabilities helps us to help others. Intellectual disability is distinguished mutually by a substantial under average score on a mental or intelligence test. This score combined with restrictions of aptitude in subjects of daily life, which encompasses social and school functions, communication, and self care. Other aspects consist of partial scope to plan, solve, think abstractly, comprehend complicated thoughts, understand quickly, and gain knowledge through occurrences (How common is Intellectual Disability? ). The processing of delivering these aspects is slower than their peers with average intellect and capabilities. The varieties of this disability are categorized from mild to profound. When an individual has an intellectual disability it is not uncommon for other disabilities to be integrated with it (How common is...
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...On this mission, he performed the first docking of two spacecraft with pilot David Scott. Armstrong’s second and last space flight was as mission commander of the Apollo 11 Moon Landing in July 1969. On this mission, Armstrong and Buzz Aldrin descended to the lunar surface and spent two and a half hours exploring while Michael Collins remained in lunar orbit in the Command Module. Along with Collins and Aldrin, Armstrong was awarded the Presidential Medal of Freedom by President Richard Nixon in 1978; and President Jimmy Carter presented Armstrong the Congressional Space Medal of Honor in 1978. He and his former crewmates received the Congressional Gold Medal in 2009. But let’s precise things a little bit. I’m sure in class you’ve already heard of Apollo 11, the first mission obviously to put Neil Armstrong on the moon but…what could you tell me about that?...
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...Christel Monk SS310-24 Exploring the 1960s - An Interdisciplinary Approach July 15, 2013 Introduction The 1960s was a decade full of both positive and negative events. It coincided with the first land on the moon, which was a great achievement. It also coincided with the Civil Rights Act of 1964 and the assassination of President Kennedy in 1963. This paper describes five items that have been found in a time capsule that dates back from the 1960s. It explains the reasons for which each of these items is especially important in defining the 1960s. Some of these items are events, while other items are objects being representative for that period of time. The paper is written from the perspective of an archeologist who, in 2325, discovered the time capsule containing information that dates back to the 1960s. The Time Capsule According to Goodwin and Bradley (2011), the sixties were the age of youth, as 70 million children from the post-war baby boom grew to become young adults and teenagers. This decade was characterized by a different and very revolutionary way of thinking as the population has moved away from the conservative type of reasoning. As Goodwin and Bradley (2011) point out, the population of the United States was about 178 million, while 3.8 million people were unemployed. The national debt was $286.3, while the average salary was $4,743. A teacher's salary back in those days was near $5,200 while the minimum wage per hour was $1. The life expectancy...
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...The year is 1965, a pivotal moment in US history. This year, the law reshaped the nation’s moral and legal landscape. On February 1, 1865, Abraham Lincoln signed the thirteenth amendment, effectively abolishing the legal practice of slavery in the United States. Just two months after came the union’s victory in the Civil War on April 9, 1865, when Confederate General Robert E. Lee signed their surrender at the Appomattox Court House in Virginia. This war has devastated the south, despite draining the nation’s resources and heavily dividing the nation’s people; the war also concluded with the hope of unity and restoration for the future. President Lincoln’s victory came to a quick end, though. Just six days after the end of the war, an event...
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...President of the United States of America on January 20th, 2009. He is the first African American to take office and with his presidency he promised to make changes to America that would liberate the American people from crisis into a bright new beginning. In his Inauguration speech, he claimed to mend the financial crisis by stimulating jobs and laying a “new foundation for growth” (Naughton, “Inauguration speech”). He promised to rebuild the Nation’s foundations such as roads, bridges, electric grids, and digital lines, to revive the prosperity and importance of science, to increase the care and lower the cost of health care, to mend the threat of global warming, to enact peace with Afghanistan, to withdraw from Iraq, and to transform the educational system to meet the conditions of a new era (Naughton, “Inauguration speech”). Throughout his first year as president Obama has enacted many policies and regulations such as the Lilly Ledbetter Fair Pay Act, Recovery and Reinvestment Act, and Health Care Bill. However, has Obama stayed true to his original promises stated throughout his campaigns, in his Inauguration speech, as well as his first State of Union speech. Has Obamba’s first year been a success or a failure? This essay will explore the history of Obama’s ascend to presidency, his success and failures, and an overall evaluation of Obama’s first year in office. The Rise of Barrack Obama Obama was born on August 4, 1961 in Honolulu Hawaii to parents Ann Dunham and Barack Obama...
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